This month we get a first glimpse of some Q3 GDP outturns. UK growth was a better-than expected 0.5% (q-o-q), leading the Bank of England to quash prospects of another rate cut this year. In the US, GDP growth jumped by 2.9% (q-o-q annualized) but was only up by 1.5% (y-o-y). A surprise presidential election victory for Donald Trump adds uncertainty to the near-term outlook, and possibly to the Fed’s plans to hike interest rates in December. Spain’s economic recovery progressed by 0.7% (q-o-q) in Q3. The formation of a Populist Party minority government should promote stability. The budget deficit remains above European Commission guidelines, as does France.